Economic Buzz: UK mortgage approvals fell for a second consecutive month to test lowest since Dec-23

Demand for home loans in UK fell in August amid higher borrowing costs. The number of mortgage approvals fell for a second consecutive month to 54,918 from a downwardly revised 55,928 in July, the Bank of England said Tuesday. It was the lowest figure since December 2023. The borrowing costs are taking an increasing toll, with key mortgage rates now close to 6% as the conflict in the Middle East continues.

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